2020 (9) TMI 692

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..... ted 28-03-2018 passed by the Pr. Commissioner of Income-tax u/s.263 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2009-10. 2. Briefly stated, the facts of the case are that the Assessing Officer (AO) received information from the Sales Tax Department about the assessee having procured bogus bills in the Hawala racket. The assessee was found to .....

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..... he assessee. 4. Revision u/s 263 of the Act is contemplated where the assessment order is erroneous and prejudicial to the interest of the Revenue. It is trite that the power of revision does not extend to a debatable issue. In other words, if two possible views exist and the AO takes one of such possible views in the assessment order, the revision is ousted. 5. It is seen that the ld. Pr.CIT he .....

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..... nal profit at the rate of 11.27% towards bogus purchases, we hold that the impugned order, treating such assessment order as erroneous and prejudicial to the interest of revenue, cannot be validated. The AO has taken a view, which cannot, by any standard, be categorized as a non-plausible view. We, therefore, set-aside the impugned order. 6. In the result, the appeal is allowed.  Order pron .....

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